'If it is bad for the environment, it is bad for retirement,' said foe_us' dougnorlen as Vanguard becomes the world's top institutional fossil fuel investor. 'Vanguard's retirement schemes are built on investments that jeopardize our future.'
"If it is bad for the environment, it is bad for retirement," said one environmental campaigner."Vanguard's retirement schemes are built on investments that jeopardize our future."The Vanguard Group, one of the world's largest asset management firms, has surpassed its competitor BlackRock as the planet's leading investor in fossil fuels, according to a report released Thursday.
;“New @urgewald report identifies the top global institutional investors holding bonds & shares in coal, oil & gas companies worth a total of US$ 3.07 trillion. The top 10 are led by Vanguard, Blackrock, StateStreet, Capitol Group, & Saudi Arabia. https://t.co/dwNYal0oJy;�ording to the report, Vanguard holds bonds and shares in 200 fossil fuel companies, with its largest single investment—$34 billion—in ExxonMobil.
BlackRock is a member of the Net-Zero Asset Managers Initiative and claims to be a sustainability leader, but its fossil portfolio barely differs from Vanguard's. Despite the fact that BlackRock adopted [its] first coal policy in 2020, it remains the world's largest investor in companies developing new coal plants, mines, or coal infrastructure.
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